March 24 JPMorgan Chase & Co's chief
executive for China investment banking Fang Fang has decided to
leave the U.S. bank after more than a decade amid a probe of its
Asian hiring practices, the Wall Street Journal reported on
An internal announcement about Fang's departure could come
as early as Monday, the financial daily reported, citing people
familiar with the situation it did not identify.
Fang recently told the bank he wanted to retire, the Journal
cited one of the people as saying. The newspaper added that it
was not known why Fang wanted to step down now.
U.S. authorities have been investigating whether JPMorgan
violated bribery laws by improperly hiring the relatives of
well-connected Chinese officials.
JPMorgan has provided U.S. prosecutors with emails from
Fang, who is also the bank's vice chairman of investment banking
in Asia, discussing the hiring of China Everbright Group
Chairman Tang Shuangning's son, the Journal reported.
The Federal Bureau of Investigation and prosecutors from the
Justice Department are examining whether the son's employment
helped JPMorgan win assignments from Everbright, it added.
Representatives for JPMorgan and China Everbright did not
immediately respond to requests for comment.
(Reporting by Greg Roumeliotis; Editing by Eric Walsh)